Chile

Latin American financial institutions are continuing to find attractive opportunities in niche markets this week, though the best rated of them all told GlobalCapital it could turn to public bond markets soon.

Chilean savings and loans co-operative Coopeuch has diversified further its sources of funding by becoming the first triple-B rated borrower from Chile to issue in Asian bond markets.

Secondary market performance on the slew of Latin American new issues priced on Thursday was mostly underwhelming as Chilean power company Empresa Eléctrica Cochrane confirmed it was postponing a proposed bond issuance.

Borrowers from Latin America are flocking to meet bond investors despite market conditions softening over the past week.

Coca Cola’s Chile-based bottling business Embotelladora Andina (Andina) is planning to replace international debt with domestic bonds, after wrapping up a tender offer for its old 2023s.

Coca Cola’s Chile-based bottling business wrapped up meetings with local investors on Friday as it planned to replace international debt with domestic bonds.

The Chilean arm of Spanish lender Santander returned to bond markets on Tuesday with a Sfr115m ($118m) Swiss franc bond maturing in five years and three months.

Banco Santander’s Chilean yesterday sold the first ever floating rate note in Chilean pesos, raising Ps75bn ($114m) in long three year notes.

Chile’s corporate issuers are well placed to stand firm as Latin America’s best-rated sovereign experiences a gradual decline in its stellar credit quality, said Moody’s on Monday.

Latin America’s best rated sovereign lost its last double A rating last week as years of fiscal deterioration catch up with Chile.

Chilean utility AES Gener will buy back $200m of old bonds after investors pledged to sell more than the maximum purchase amount that the company had set before the early bird deadline of July 11.

Chile interrupted the quiet in Latin American bond issue markets on Thursday when it proceeded with a dual tranche peso deal, immediately after wrapping up a roadshow.